As far as age, we don't manage to an age. This is one of the things that distinguishes us. I don't think age is an investment criterion, per se. It doesn't tell you anything about how much money you can make on the aircraft.

as far as age we don't manage to an age this is one of the things that distinguishes us i don't think age is an investment criterion per se it doesn't tell you anything about how much money you can make on the aircraft


as well as the T4 technology and perhaps any cost associated with the development of SARM or any new license technology that we have this year. So looking ahead,

as well as the t4 technology and perhaps any costs associated with the development of sarm or any new license technology that we get this year so looking ahead


entering or exiting certain channels? Just to understand this dynamic because it sounds like it will be negative in Q4, but it will be positive next year and how that actually ends up tying into gross to net. Just wanted to clarify this whole thing.

entering or exiting certain channels just to understand this dynamic because it sounds like it will be negative in q4 but it will be positive next year and how that actually ends up tying into gross margin just wanted to clarify this whole thing


While the vast majority of our time and focus will remain committed to creating shareholder value through internal execution, we remain open to strategic acquisitions and divestiture options.

while the vast majority of our time and focus will remain committed to creating shareholder value through internal execution we remain open to strategic acquisitions and divestiture options


We have discussed the benefits of our MirrorEye product on fuel efficiency previously with initial trial showing up to 2% fuel savings by replacing the existing mirror on commercial vehicles with our MirrorEye system.

we have discussed the benefits of our mirror eye product on fuel efficiency previously with initial trials showing up to 2% fuel savings by replacing the existing mirror on commercial vehicles with our mirror eye system


by assuring you that we have made a great deal of progress on the key initiatives and decisive actions that I discussed on last quarter's call. Our intensive efforts remain squarely focused on 5 key priorities.

by assuring you that we have made a great deal of progress on the key initiatives and decisive actions that i discussed on last quarter's call our intensive efforts remain squarely focused on 5 key priorities


Our entire leadership team is committed to working together to drive our key strategies forward and reset our culture by empowering the many talented employees we have around the world.

our entire leadership team is committed to working together to drive our key strategies forward and reset our culture by empowering the many talented employees we have around the world


is so high in order to drive reimbursement and utilization in the clinic that I think that we and anybody who's playing and paying attention to this game has to move to highly differentiated new approaches.

is so high in order to drive reimbursement and utilization in the clinic that i think that we and anybody who's paying attention in this game has to move to highly differentiated new approaches


Many of the current implementations are program integrity products, which often take longer than anticipated, because clients have to be very specific about the clinical policies they choose to enforce.

many of the current implementations are program integrity products which often take longer than anticipated because clients have to be very specific about the clinical policies they choose to enforce


Moving now from revenue to expenses. We identified cost savings opportunities and deployed cost reduction strategies throughout the organization last year, in order to make our entire company more efficient.

moving now from revenue to expenses we identified cost savings opportunities and deployed cost reduction strategies throughout the organization last year in order to make our entire company more efficient


with a fully developed set of products and brands. These products are sold directly to manufacturers of building products, cabinets and furniture as well as to distributors through a dedicated sales staff and marketing staff.

with a fully developed set of products and brands these products are sold directly to manufacturers of building products cabinets and furniture as well as to distributors through a dedicated sales staff and marketing staff


Yes. I mean, I would say we're actively working with all the key players in the China market right now. So it's a very interesting market. You might be competing in one province and collaborating in another province. So

yes i mean i would say we're actively working with all the key players in the china market right now so it's a very interesting market you might be competing in one province and collaborating in another province so


Well, the way I look at it is we -- all 4 of our businesses are run well and have done things over a number of years to position us well for long-term growth

well the way i look at it is we -- all 4 of our businesses are run well and have done things over a number of years to position us well for long-term growth


highlights, we continue to expand our geographic reach. During the third quarter, we signed new business with customers in a variety of places across the globe including Japan, India, China and Brazil, to name a few.

highlights we continue to expand our geographic reach during the third quarter we signed new business with customers in a variety of places across the globe including japan india china and brazil to name a few


And we're starting to get a footprint at Ghaghoo, which we are pretty comfortable with. Size frequency distribution curve is starting to settle. We have made quite a few changes

and we're starting to get a footprint at gogu which we are pretty comfortable with our size frequency distribution curve is starting to settle we have made quite a few changes


that we guided to previously when we first announced the transaction. We don't feel that there's a need to update that number based on any information that we have seen to date.

that we guided to previously when we first announced the transaction we don't feel that there's a need to update that number based on any information that we've seen to date


and many, many more tomorrow, who combined will save literally billions of dollars by more efficiently managing the costs associated with delivering content to their subscribers

and many many more tomorrow who combined will save literally billions of dollars by more efficiently managing the costs associated with delivering content to their subscribers


The company's actual results could differ materially from any forward-looking statements due to several important factors described in the company's latest SEC filings, including this morning's press release.

the company's actual results could differ materially from any forward-looking statements due to several important factors described in the company's latest sec filings including this morning's press release


more conviction and more evidence and everything we're kind of inclined, we're under no financial stress at this point, doesn't place any financial stress on the company to continue to pay the dividend. It's an important

more conviction and more evidence and everything we're kind of inclined -- we're under no financial stress at this point doesn't place any financial stress on the company to continue to pay the dividend it's an important


We look forward to rolling our hotels onto a single reservation system in stages, with the first group of hotels converting in the fall of 2018. And finally, we expect owners will continue to see significant cost savings

we look forward to rolling our hotels onto a single reservation system in stages with the first group of hotels converting in the fall of 2018 and finally we expect owners will continue to see significant cost savings


Also supporting our outsized growth in our downholes business are our new products and technologies that directly contribute to our customers' ability to increase their rate of penetration and lateral lengths.

also supporting our outsized growth in our downholes business are new products and technologies that directly contribute to our customers' ability to increase their rate of penetration and lateral lengths


We expect to continue reductions of working capital in the coming quarters as our trade payable balance is reduced in line with reduced capital investment and operating activities.

we expect to continue reductions in working capital in the coming quarters as our trade payable balance is reduced in line with reduced capital investment and operating activities


Needless to say, we are not there yet. But it is safe to say that a recovery of the oil crisis years continues in an orderly fashion, supported in higher private consumption and higher more stable prices of oil.

needless to say we're not there yet but it is safe to say that our recovery of the oil crisis years continues in an orderly fashion supported in higher private consumption and higher more stable prices of oil


pending approval from state insurance departments. YourTurn will strengthen our ability to compete in the youthful driver market in a way that is profitable and sustainable long-term, while helping to encourage safer driving.

pending approval from state insurance departments your turn will strengthen our ability to compete in the youthful driver market in a way that is profitable and sustainable long term while helping to encourage safer driving


the courts adopted VIVUS' proposed constructions for all but one of the disputed claim terms and adopted a compromised construction that was acceptable to VIVUS for the final claim term.

the courts adopted veeva's proposed constructions for all but one of the disputed claim terms and adopted a compromise construction that was acceptable to veeva for the final claim term


These things don't come overnight. It's a matter of a number of singles and a number of home runs and those just have to take the time to work through. One last comment,

these things don't come overnight it's a matter of a number of singles and a number of home runs and those just have to take the time to work through one last comment


So with that turning to Slide 20. Let me first emphasize that we are a global organization with a presence now in all 4 major regions around the world, including a presence in 27 countries

so with that turning to slide 20 let me first emphasize that we are a global organization with a presence now in all 4 major regions around the world including a presence in 27 countries


We made substantial progress on both the development and commercial fronts in 2016. I'm very proud of our many accomplishments during the year. Most recently, in the fourth quarter, we presented additional positive data

we made substantial progress on both the development and commercial fronts in 2016 and i'm very proud of our many accomplishments during the year most recently in the fourth quarter we presented additional positive data


Given our privileged position, we are focused on strengthening the relationship with our customers and improving their experience by providing innovative solutions as part of our digital transformation effort.

given our privileged position we are focused on strengthening the relationship with our customers and improving their experience by providing innovative solutions as part of our digital transformation efforts


This is evidence that our strategies for growth, cultivating an innovation culture, accelerating product launches, leveraging technology and strengthening our distributor difference are delivering results.

this is evidence that our strategies for growth cultivating an innovation culture accelerating product launches leveraging technology and strengthening our distributor difference are delivering results


The impact of these onetime payments, in addition to the impact of excluding the year-to-go operating results of Language Solutions, as I noted earlier, drives the entire change from previous guidance.

the impact of these onetime payments in addition to the impact of excluding the year-to-go operating results of language solutions as i noted earlier drives the entire change from previous guidance


Well, soon, we all hope. The investment is actually lower now than it has been for the last couple of years, but the cash CapEx remains very high because it's on these multiyear payment plans.

well soon we all hope that the investment is actually lower now than it has been for the last couple of years but the cash capex remains very high because it's on these multi-year payment plans


In our pursuit towards establishing our platform as a service strategy, we've now built a strong framework of solution sales programs combining both software and services to deliver comprehensive value to our clients.

in our pursuit towards establishing our platform as a service strategy we've now built a strong framework of solution sales programs combining both software and services to deliver comprehensive value to our clients


As we sit here today, we've got a single consolidated organization. We've got an increasingly connected solution bundle. And we are now taking that to market. And so when I think about

as we sit here today we've got a single consolidated organization we've got an increasingly connected solution bundle and we are now taking that to market and so when i think about


plus 3%. On the other hand, sales of chocolates with high cacao content weakened slightly after a very strong performance in the previous fiscal year.

plus 3% on the other hand sales of chocolates with high cacao content weakened slightly after a very strong performance in the previous fiscal year


Are you guys seeing any pushback from the larger customers in terms of either the stocking levels that they're willing to accept or in terms of pushing back on price more above normal levels?

are you guys seeing any pushback from the larger customers in terms of either the stocking levels that they're willing to accept or in terms of pushing back on price more -- above normal levels


improving well results and performing our jobs safely and as good stewards to our neighbors and the environment. We believe that we have a very compelling growth and value-creation story with significant upside potential.

improving well results and performing our jobs safely and as good stewards to our neighbors and the environment we believe that we have a very compelling growth and value creation story with significant upside potential


Got it. And you're still not expecting to be... I think, Michael, on that point, I think what you could do is you can look at the capital. We do not use bonus depreciation, haven't used bonus depreciation, just because of all the production tax credits we generate.

got it and you're still not expecting to be -- michael on that point i think what you could do if you could look at the capital we do not use bonus depreciation haven't used bonus depreciation just because of all the production tax credits we generate


I think we can get to and beyond what Rightmove charges on absolute basis per branch by offering a variety of services. And I think that you don't hit a

i think we can get to and beyond what rightmove charges on absolute basis per branch by offering a variety of services and i think that you don't hit a wall


to consider rather than oil prices elsewhere. So you will see a shift in that direction in the next months, in the next years because it will take some time before for all the contracts expire. But that's the direction in

to consider rather than oil prices elsewhere so you will see a shift in that direction in the next month in the next years because it will take some time before all the contracts expire but that's the direction


We expect the implementation of new rates following our 2017 Texas Rate Case will help reduce the impact of regulatory lag. So now I'd like to take a moment to review our 2017 Texas Rate Case filing on the next slide.

we expect the implementation of new rates following our 2017 texas rate case will help reduce the impact of regulatory lag so now i'd like to take a moment to review our 2017 texas rate case filing on the next slide


but they're also -- when they see what we do and see that we can both provide what they're calling integrated receivables or next-generation lockbox, we can do that plus we can provide an online presence that would actually take away paper

but they're also when they see what we do and see that we can both provide what they're calling integrated receivables or next-generation log box we can do that plus we can provide an online presence that would actually take away paper


As you may recall, we previously said that we expected our existing cash to be sufficient to take us into the first quarter of 2018. Based upon the payments we received from Spark in December

as you may recall we previously said that we expected our existing cash to be sufficient to take us into the first quarter of 2018 based upon the payments we received from spark in december


And this is presented alongside our effective tax rate, and the third bar for 2017 excludes items such as the expense associated with the revaluation of the deferred tax asset taken in the fourth quarter

and this is presented alongside our effective tax rate and the third bar for 2017 excludes items such as the expense associated with the revaluation of the deferred tax asset taken in the fourth quarter


In total, we believe we have the assets and capabilities to drive strong revenue growth and cash flow for many years to come, and the opportunity to bring a series of additional major innovations to the market.

in total we believe we have the assets and capabilities to drive strong revenue growth and cash flow for many years to come and the opportunity to bring a series of additional major innovations to the market


put in place the strategy that we put in place back when we did the Stream transaction, we do not have a tax-efficient way at this point in time to bring that cash back. Our need for offshore cash

put in place the strategy that we put in place back when we did the stream transaction we do not have a tax-efficient way at this point in time to bring that cash back our need for offshore cash


It is also evident that community banks deciding to be part of a larger organizations are attracted to the power of the Rockland Trust brand, our corporate values and our currency.

it is also evident that community banks deciding to be part of a larger organization are attracted to the power of the rockland trust brand our corporate values and our currency


researching and declaring clinical candidates, which subsequently need to go through formal preclinical development before a clinical entry. So there is a substantial period of time, let's say,

researching and declaring clinical candidates which subsequently need to go through formal preclinical development before a clinical entry so there is a substantial period of time and let's say


we're working with Alexion's team on the joint discovery and development of GalXC RNAi molecules directed to 2 complement pathway targets for the treatment of complement mediated diseases.

we are working with alexion's team on the joint discovery and development of galx-rnai molecules directed to 2 complement pathway targets for the treatment of complement-mediated diseases


we have to see that we have done a very detailed analysis, and we are not far away from our peers, therefore there's little we can do there. Looking into traffic, as you mentioned there has been an

uh we have to say that we have done a very detailed analysis and we're not far away from our peers therefore there's little we can do there uh looking into traffic as you mentioned there has been uh a new


we not only can assist these labs to overcome the inherent efficiencies and their delivery of their services but also assure growing margins at Enzo. We believe we are in a very advantageous position now.

we not only can assist these labs to overcome the inherent efficiencies in their delivery of their services but also assure growing margins at enzo we believe we are in a very advantageous position now


with recent legislation, extending bonus depreciation, we do not expect to pay cash federal income taxes until 2023 due to the intensity of our capital investment program.

with recent legislation extending bonus depreciation we do not expect to pay cash federal income taxes until 2023 due to the intensity of our capital investment program


We continue to work with our neighbors in the Southern Gateway Consortium on the infrastructure works required by the Auckland City Council to be completed before any development proceed on any unimproved property.

we continue to work with our neighbors in the southern gateway consortium on the infrastructure works required by the auckland city council to be completed before any development proceeds on any unimproved property


We appreciate the support of both our new and existing investors. We expect this raise gives us resources to advance our pipeline of precision medicines through a series of upcoming potential data catalysts.

we appreciate the support of both our new and existing investors we expect this raise gives us resources to advance our pipeline of precision medicines through a series of upcoming potential data catalysts


We are supplying a wide range of pixel sizes for different machine vision applications on this global shutter technology platform that will enhance our leadership in this market. We expect to start production on this platform by the end of the year.

we are supplying a wide range of pixel sizes for different machine vision applications on this global shutter technology platform that will enhance our leadership in this market we expect to start production on this platform by the end of the year


but also on the installation side of the equation where we think there is still a pretty good opportunity to make these products more affordable. With close rates, specifically to your question, close rates remain fairly

but also on the installation side of the equation where we think there's still a pretty good opportunity to make these products more affordable with close rates specifically to your question close rates remain fairly


The increase was primarily driven by the addition of aftermarket part sales from the recent Country Home Products acquisition and to a lesser extent, additional service parts sales resulting from a growing base of stationary and mobile products in the market.

the increase is primarily driven by the addition of aftermarket parts sales from the recent country home products acquisition and to a lesser extent additional service parts sales resulting from our growing base of stationary and mobile products in the market


it's a good question because I get asked about this from time to time. But over the long run, that's why we have a lot of confidence around sort of this view that homeowners on home improvement will have a view to do it once and do it right,

it's a good question because i get asked about this from time to time but over the long run that's why we have a lot of confidence around sort of this view that homeowners on home improvement will have a view to do it once and do it right


In terms of sort of your position about any scenarios that might play out, your guess is as good as mine. And so I won't speculate on any of that because it would be nothing more than pure speculation.

in terms of sort of your position about any scenarios that might play out your guess is as good as mine and so i won't speculate on any of that because it would be nothing more than pure speculation


Another operational focus for us right now is looking forward to the Alpha transaction to make sure that we combine the 2 respective supply chains

another operational focus for us right now is looking forward to the alpha transaction to make sure that we combine the 2 respective supply chains


that we're actually going to get that appeals to go through. The partners that we use to do this are pretty optimistic with their success rate through the multiple appeal process, but we have to get our

that we're actually going to get that appeals to go through the partners that we use to do this are pretty optimistic with their success rate through the multiple appeal process but we have to get our


Other permutations, we actually have a few centers up in upstate New York where they are referring over to a general surgeon to insert because they chose to set up a kind of a hub-and-spoke.

other permutations we actually have a few centers up in upstate new york where they're referring over to a general surgeon to insert because they chose to set up a kind of a hub and spoke


Our Banno Conversations module is receiving particularly high marks. So we're excited about the Banno Suite as a true differentiator for our banks and credit unions as they serve their customers in the highly competitive digital world.

our banno conversations module is receiving particularly high marks so we're excited about the banno suite as a true differentiator for our banks and credit unions as they serve their customers in the highly competitive digital world


investors would benefit from natural time line and actual costs. What are the estimated costs to get this into Halden, for example?

investors would benefit from an actual time line and actual costs what are the estimated costs to get this into halden for example


last fall and start up and utilization challenges on a couple of contracts. Offsetting this for lower payroll cost is a percent of revenue and the rate adjustments associated with extraordinary utilization in one of our larger programs

last fall and startup and utilization challenges on a couple of contracts offsetting this were lower payroll costs as a percent of revenue and the rate adjustments associated with extraordinary utilization in one of our larger programs


it continues to put pressure on the industry in the sense that there's very little revenue growth opportunities. There's still a tremendous amount of competition for

it continues to put pressure on the industry in the sense that there's very little revenue growth opportunities there's still a tremendous amount of competition for


But the new legislation made it possible for us to use those tax losses, and that's why we have this positive effect in the last quarter. So that was really good news for us.

but the new legislation made it possible for us to use those tax losses and that's why we have this positive effect in the last quarter so that was really good news for us


continuous improvement, driven through operations as well as the capital investments we are making. That being said, we are running more of the capacity that we have in an annualized basis due to the growth.

continuous improvement driven through operations as well as the capital investments we are making that being said we are running more of the capacity that we have on an annualized basis due to the growth


And took those centers back to a primary location, which had a nice effect on the profitability and, obviously, there was almost no effect on the revenue because most of that had

and took those centers back to a primary location which had a nice effect on the profitability and obviously there was almost no effect on the revenue because most of that had


and the sustainability that has been presented will be extended to mainly as well we have to make sure that we get higher penetration in the butter.


And in that, what you would do is, of course, use all the specifics in terms of understanding the company and -- specifics of the company before you would want to make certain decisions. But what I can tell you is that

and in that what you would do is of course use all the specifics in terms of understanding the company and specifics of the company before you would want to make certain decisions but what i can tell you is that


So from our view to the market, it really is a biggest challenge and a biggest opportunity, which is to help them go through a digital transformation, like every industry is going through.

so from our view to the market it really is a biggest challenge and our biggest opportunity which is to help them go through a digital transformation like every industry is going through


We also have the option of accelerating the development program by adding a third grade, concentrating on Area 2 development. And that also depends on commodity prices, but we do have the liquidity and flexibility to bring on that rig.

we also have the option of accelerating the development program by adding a third rig concentrating on area 2 development and that also depends on commodity prices but we do have the liquidity and flexibility to bring on that rig


We expect THP's results to remain below our target for the next couple of quarters as we continue to implement budget updates on our remaining investments. Although we believe the results are stabilizing, as you can see by the bar graph on the slide.

we expect thp's results to remain below our target for the next couple of quarters as we continue to implement budget updates on our remaining investments although we believe the results are stabilizing as you can see by the bar graph on this slide


These non-GAAP measures are not meant to be a substitute for our GAAP financials, and we advise you to refer to the reconciliations to GAAP measures, which are included in our earnings release and on our website.

these non-gaap measures are not meant to be a substitute for our gaap financials and we advise you to refer to the reconciliations to gaap measures which are included in our earnings release and on our website


well workovers and actually position ourselves to have slightly increased production for when the pipeline is back on. And in terms of the inventory numbers you asked about, we

some well workovers and actually position ourselves to have slightly increased production for when the pipeline is back on and in terms of the inventory numbers you asked about we


We were able to increase site capacity during the day on Black Friday. And once we saw the strengths, we were able to add even more capacity in a few hours over the weekend to support the heavy loads on Cyber Monday.

we were able to increase site capacity during the day on black friday and once we saw the strength we were able to add even more capacity in a few hours over the weekend to support the heavy loads on cyber monday


the continued expansion of our Sam Edelman brand and his retail stores, our consumer targeting efforts at Famous Footwear and our continued investment in digital across the enterprise.

the continued expansion of our sam edelman brand and his retail stores our consumer targeting efforts at famous footwear and our continued investment in digital across the enterprise


The cautionary statements contained in yesterday's news release and in our annual filings, again, both available on our website and on SEDAR, outline various risk factors, assumptions and cautions regarding forward-looking statements or information,

the cautionary statements contained in yesterday's news release and in our annual filings again both available on our website and on sedar outline various risk factors assumptions and cautions regarding forward-looking statements or information


If you think about the magnitude of the impact of the changes that we've been making to these programs, where you see it most in terms of improvement in gross to net is in derm. That's why you see the impact that you see on our Q3 quarter results,

if you think about the magnitude of the impact of the changes that we've been making to these programs where you see it most in terms of improvement in gross-to-net is in derm that's why you see the impact that you see on our q3 report results


What our sales forces do, they go to small, midsize clients and go for instance to a bakery and sell the 2 or 3 billboards around the bakery,

what our sales forces do they go to small midsized clients and go for instance to a bakery and sell the 2 or 3 billboards around the bakery


offer much improved safety for our drivers and a much improved quality of life for the men and women that are on the road for FedEx out there. So clearly, these technologies won't stop there.

offer much improved safety for our drivers and a much improved quality of life for the men and women that are on the road for fedex out there so clearly these technologies won't stop there


And third, you have got to have a close collaboration with your major customers who have a lot of residential e-commerce so you know where that traffic is coming from, you can prepare for it and handle it. So

and third you have got to have a close collaboration with your major customers who have a lot of residential e-commerce so you know where that traffic is coming from you can prepare for it and handle it so


We are doing an end-to-end assessment of customer profitability and reviewing all operating and administrative processes in order to further reduce costs and improve our financial results for this segment.

we are doing an end-to-end assessment of customer profitability and reviewing all operating and administrative processes in order to further reduce costs and improve our financial results for this segment


Our low leverage on our balance sheet gives us a lot of comfort and flexibility. We believe we will continue to outperform regardless of market conditions.

our low leverage on our balance sheet gives us a lot of comfort and flexibility we believe we will continue to outperform regardless of market conditions


pending ratification. I would also mention that we have agreed on security measures and the mine's reclamation plan, removing prior material risks to the project.

pending ratification i would also mention that we have agreed on security measures and the mine's reclamation plan removing prior material risks to the project


And finally, we'll ensure that we do justice to the spectacular high-grade ore body at Obuasi, which for decades has been waiting to be modernized and capitalized in the way which we are now proposing to ensure a profitable,

and finally we'll ensure that we do justice to the spectacular high-grade ore body at abu asi which for decades has been waiting to be modernized and capitalized in the way which we are now proposing to ensure a profitable


And it is the case that we've maintained all of the virtues that got us here, including a very good market share, a terrific group of people who are our national sales force, a great brand that is

and it is the case that we maintain all of the virtues that got us here including a very good market share a terrific group of people who are national sales for us a great brand that is


supported by low prices across several commodities as I had alluded earlier and also due to seasonality. Going ahead in Q4 and Q1, which are historically our high procurement quarters, we expect

supported by low prices across several commodities as i had alluded earlier and also due to seasonality going ahead in q4 and q1 which are historically our high procurement quarters we expect


the impact on reported expense does need to be considered, and it is outlined in the footnotes that are part of our earnings release. When you exclude the impact of the accounting for these gains and losses,

the impact on reported expense does need to be considered and it is outlined in the footnotes that are part of our earnings release when you exclude the impact of the accounting for these gains and losses


I wanted to ask about the defense weakness in the quarter. Is that a timing slip on the international sales and armament systems that you called out? Or are you seeing any kind of deterioration in the international defense market?

good morning i wanted to ask about the defense weakness in the quarter is that a timing slip on the international sales and armament systems that you called out or are you seeing any kind of deterioration in the international defense market


On the product questions, I wonder if you could tell us -- you've given us the initial sales of Reagila. Could you tell us what sort of pricing you have been able to achieve

on the product questions i wonder if you could tell us you've given us the initial sales of reglia could you tell us what sort of pricing you have been able to achieve


So to conclude, although this has been another period of volatility and downward pressure in various economies in Europe, we have continued to drive up margins and returns across the business.

so to conclude although this has been another period of volatility and downward pressure in various economies in europe we have continued to drive up margins and returns across the business


they don't all think yet WiFi first, but when you get in, in front of the executive staff and you start to really have a good discussion around their strategic initiatives

they don't all think yet wifi first but when you get in front of the executive staff and you start to really have a good discussion around their strategic initiatives


And earlier this year, we announced that we moved our headquarters office from New York to New Jersey, not only reducing costs but also providing additional opportunities for collaboration and innovation.

and earlier this year we announced that we moved our headquarters office from new york to new jersey not only reducing costs but also providing additional opportunities for collaboration and innovation


we focused on growing our newer revenue streams, including route-based pick-up and unused medication solutions, both of which typically contribute a more predictable recurring revenue stream.

we focused on growing our newer revenue streams including route-based pickup and unused medication solutions both of which typically contribute a more predictable recurring revenue stream


We see great growth potential for our retail pharmacy through a variety of initiatives. Improvement in payer relationships, expansion of revenue-generating healthcare services offered through the pharmacy,

we see great growth potential for our retail pharmacy through a variety of initiatives improvement in payer relationships expansion of revenue-generating health care services offered through the pharmacy


Slide 6 shows the financial highlights for the fourth quarter. Our positive momentum continues with record sales, record core operating earnings and record adjusted earnings per share.

slide 6 shows the financial highlights for the fourth quarter our positive momentum continues with record sales record core operating earnings and record adjusted earnings per share


I want to emphasize that our Marketplace strategy has been to provide an accessible extension of our Medicaid product to those individuals whose eligibility for Medicaid tends to fluctuate due to variability in their income.

i want to emphasize that our marketplace strategy has been to provide an accessible extension of our medicaid product to those individuals whose eligibility for medicaid tends to fluctuate due to variability in their income


We began initial qualifications last quarter, with first revenues now expected at the end of this year and accelerating into 2019. So this is happening.

we began initial qualifications last quarter with first revenues now expected at the end of this year and accelerating into 2019 so this is happening


for those patients to be in the trial, meaning we should be able to enroll it relatively quickly. So in the scheme of things, a couple of weeks really won't be material, other than the 2 very important reasons I gave at the onset of my answer.

for those patients to be in the trial meaning we should be able to enroll it relatively quickly so in the scheme of things a couple of weeks really won't be material other than the 2 very important reasons i gave at the onset of my answer


Turf and Garden sales were up slightly year-over-year and we're now about flat for the year-to-date period. We're operating in a relatively stable market right now and we continue to expect this market to be similar to last year.

turf and garden sales were up slightly year-over-year and we're now about flat for the year-to-date period we're operating in a relatively stable market right now and we continue to expect this market to be similar to last year


In the coming months, you will see us piloting various tests across key innovation focus areas such as consumer access, the digital experience, our menu and restaurant experience in realigning the organization to support the go-forward strategy.

in the coming months you will see us piloting various tests across key innovation focus areas such as consumer access the digital experience our menu and restaurant experience and realigning the organization to support the go-forward strategy


We believe these changes align the incentives for our sales reps with our broader business objective to capture more recurring revenue and reaccelerate the growth of our businesses.

we believe these changes align the incentives for our sales reps with our broader business objective to capture more recurring revenue and reaccelerate the growth of our business


and ahead of expectations. Looking at the results for the first and second quarters, we remain favorably positioned in the market and we are raising guidance for the year. Let's start on Slide 7 with the review of the second quarter results.

and ahead of expectations looking at our results for the first and second quarters we remain favorably positioned in the market and we are raising guidance for the year let's start on slide 7 with a review of the second quarter results


you mentioned something like 70 basis points of volume growth coming from test markets, and you kind of went through that quickly. I wasn't sure that I really understood what that related to.

think you mentioned something like 70 basis points of volume growth coming from test markets and you kind of went through that quickly i wasn't sure that i really understood what that related to


The second thing is being an independent entity, we have quite a bit of experience driving results in different cultures that our customers have. And that's very important as you think about

the second thing is being an independent entity we have quite a bit of experience driving results in different cultures that our customers have and that's very important as you think about


As it relates to the rest of 2018, we have already seen Fannie Mae come back into the market, and it is our clear expectation that Fannie will capture its historic market share of total multifamily lending this year.

as it relates to the rest of 2018 we have already seen fannie mae come back into the market and it is our clear expectation that fannie will capture its historic market share of total multifamily lending this year


European truck platooning challenge. I would ask you that you can click on the link if you like to see. We have a short video on it and I think that you're well aware of it. I think it was relatively successful for the group.

european truck platooning challenge i would ask you that you could click on the link if you'd like to see we have a short video on it and i think that you're well aware of it i think it was relatively successful for the group


I mean, the -- if you look at the slide and look at the relative cuts in production, those are relative to production numbers in Q1 where we had already cut. So you can imagine the levels that we're running at right now.

i mean the -- if you look at the slide and look at the relative cuts in production those are relative to production numbers in q1 where we had already cut so you can imagine the levels that we're running at right now


As we execute on our growth objective, we will be able to better leverage our fixed cost through scale. In addition, we expect to benefit from reduced unit processing costs through the process renewal activities that I discussed earlier.

as we execute on our growth objective we will be able to better leverage our fixed costs through scale in addition we expect to benefit from reduced unit processing costs through the process renewal activities that i discussed earlier


Many of you may also have questions regarding the accumulation of shares by Melodious Investments Company Limited, a firm wholly owned by Jilun He, a resident of Hong Kong.

many of you may also have questions regarding the accumulation of shares by melodious investment company limited a firm wholly owned by gilang ha a resident of hong kong


likelihood, but the understanding of the requirements and the expectations, coupled with some investment along the way and lots of planning, I think will put us in position for that when that time comes.

likelihood but the understanding of the requirements and the expectations coupled with some investment along the way and lots of planning i think will put us in position for that when that time comes


we've learned to take a systematic approach and not really switch into what some people would call a manufacturing mode, because we want to continue to learn, and we want to continue to get better.

we've learned to take a systematic approach and not really switch in what some people would call a manufacturing mode because we want to continue to learn and we want to continue to get better


and they see what they have at hand. But I also think what is important in our case is that we have 3 things in mind when we make those decisions. And number one is to make sure that we are compliant.

and they see what they have at hand but i also think what is important in our cases that we have 3 things in mind when we make those decisions so number one is to make sure that we are compliant


we will be able to decouple our performance from the commodity cycle that dominates OSB. We believe that the end result of these focused and deliberate actions will be more consistent and sustainable results over time,

we will be able to decouple our performance from the commodity cycle that dominates osb we believe that the end result of these focused and deliberate actions will be more consistent and sustainable results over time


in the last couple of years. You seem to be getting pretty good prices. I mean, one might argue better prices than the equity market here is willing to ascribe to them. Have you ever thought about

in the last couple of years you seem to be getting pretty good prices i mean one might argue better prices than the equity market here is willing to ascribe to them have you ever thought about


Our sales executive team has also several associates who are dedicated to analyzing our pricing throughout the organization to support the local decisions we make relating to product choices, delivery decisions and customer support.

our sales excellence team also has several associates who are dedicated to analyzing our pricing throughout the organization to support the local decisions we make relating to product choices delivery decisions and customer support


The order intake went down by 30%. Business group After Sales also had a little decline. And the reason here is that in the After Sales business, we also report the installation

the order intake went down by 30% business group after sales also had a little decline and the reason here is that in the after sales business we also report the installation


Tri-State, for example, in financial services, I don't think we moved quickly enough into the compliance space. Now we're moving very quickly into the data space where we're seeing a lot of those

tristate for example in financial services i don't think we moved quickly enough into the compliance space now we're moving very quickly into the data space where we're seeing a lot of those


If you followed us for any length of time, you know that we take a measured approach to our business, managing for the long term and taking care of our associates, communities and shareholders along the way, regardless of outside events.

if you followed us for any length of time you know that we take a measured approach to our business managing for the long term and taking care of our associates communities and shareholders along the way regardless of outside events


which means you got to grow with customers and you have to have a plan. And so we spend a lot of time with our customers understanding what the consumer is looking for, the unmet market needs and how making those acquisitions

which means you got to grow with customers and you have to have a plan and so we spent a lot of time with our customers understanding what the consumer is looking for the unmet market needs and how making those acquisitions


We expect Process Materials to continue to benefit from the growth of underlying MSI and increasing 3D structures, like VNAND. Advanced Materials is expected to benefit from the same trends

we expect process materials to continue to benefit from the growth of underlying msi and increase -- increasing 3d structures like v-nand advanced materials is expected to benefit from these same trends


The other first quarter item I want to cover was our restructuring charge. We've talked about headcount reduction and other expense reductions. In the first quarter, we initiated further reductions that included both headcount and facility costs.

the other first quarter item i want to cover was our restructuring charge we've talked about headcount reduction and other expense reductions in the first quarter we initiated further reductions that included both headcount and facility costs


that effort in the OVM area and really excited to see the kind of development that is going on. We're getting a tremendous amount of well connect requests

that effort in the obm area and really excited to see the kind of development that is going on we're getting a tremendous amount of well connect requests


coal sales were impacted by the weak market demand that resulted from a continued decline of natural gas prices and soft domestic utility demand driven by reduced electricity generation.

our coal sales were impacted by the weak market demand that resulted from the continued decline of natural gas prices and soft domestic utility demand driven by reduced electricity generation


are going to be the same adopters for the bacterial products and for the hemostatic products. So are you looking at building that kind of a edifice where each of these people that are the adopters would be the

are going to be the same adopters for the bacterial products and for the hemostat products so are you looking at building that kind of a edifice where each of these people that are the adopters would be the


the successful execution of our strategy to position Charles River as the early-stage research partner of choice, a position that we believe will be enhanced by the pending acquisition of WIL Research.

the successful execution of our strategy to position charles river as the early-stage research partner of choice a position that we believe will be enhanced by the pending acquisition of will research


Thanks, Jeff. Before I provide commentary on our financial results for the fourth quarter of 2018, it's important to note the fourth quarter of 2017 included a royalty settlement related to a license agreement

thanks jeff before i provide commentary on our financial results for the fourth quarter of 2018 it's important to note the fourth quarter of 2017 included a royalty settlement related to a license agreement


Adobe, whose software runs under many retail websites, analyzes data on billions of website visits to create its digital price index, a real-time snapshot of online consumer spending.

adobe whose software runs under many retail websites analyzes data on billions of website visits to create its digital price index a real-time snapshot of online consumer spending


should point out that most of the projects around the home that our products are with are not part of a large council-approved renovation, so they are not generally captured under alterations and additions statistics.

i should point out that most of the projects around the home that our products help with are not part of a large council-approved renovation so they are not generally captured under alterations and additions statistics


The factory will generate a financial return through lower costs and through capital expenditure savings at Rocklea. As the largest paint manufacturer with the greatest scale,

the factory will generate a financial return through lower costs and through capital expenditure savings at rocklee as the largest paint manufacturer with the greatest scale


Anthony outlines the current status of RINTEGA program. We are working hard to understand the details within this data set and will be fully transparent in sharing our findings at the public presentation at SNO in November.

anthony outlines the current status of rontega program we are working hard to understand the details within this dataset and we'll be fully transparent in sharing our findings at the public presentation at snow in november


We also saw very strong bookings in our payments and complementary solutions segments. Several of our newer solutions, including our Banno Digital Suite, our commercial lending automation solution and treasury management saw strong demand.

we also saw very strong bookings in our payments and complementary solutions segments several of our newer solutions including our banno digital suite our commercial lending automation solution and treasury management saw strong demand


I'm pleased to share another strong set of results, which demonstrate the progress we are making towards our ambition to be one of the best performing, most trusted and respected consumer product companies in the world.

i'm pleased to share another strong set of results which demonstrate the progress we're making towards our ambition to be one of the best performing most trusted and respected consumer product companies in the world


for the -- as far out as we look, and this has been true even without the super high inflation we've seen in the last couple of years, has been those that can dramatically affect outcomes that are better for patients. I think the other piece I would say is that it's twofold.

for the -- as far out as we look and this has been true even without the super high inflation we've seen in the last couple of years it's been those that can dramatically affect outcomes that are better for patients i think the other piece i would say is that it's twofold


Yes, Dana, I would say probably too early to address that question. Remember, that we're talking about submitting for Solri in Europe late this year, which would put it a full year behind

yes dana i would say it's probably too early to address that question remember that we're talking about submitting for salary in europe late this year which would put it a full year behind


The Company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by law.

the company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information future events or otherwise except as required by law


a capital recycling position, right? So as ever, and I think you'll see that our overall strategy over time is going to be to constantly look at the assets that are the lower-growth-rate side of the spectrum that have attracted pricing

capital recycling position right so as ever and i think you'll see that our overall strategy over time is going to be to constantly look at the assets that are at the lower growth rate side of the spectrum that have attractive pricing


So it will be inefficient. We are going to have to add some incremental staff. That incremental staff in the home health segment

so it will be inefficient we are going to have to add some incremental staff that incremental staff in the home health segment


And finally, our partner, Encompass, has established a very solid track record of treating complex patients in their homes through their specialty programs, 2 of which focus on cardiac

and finally our partner encompass has established a very solid track record of treating complex patients in their homes through their specialty programs 2 of which focus on cardiac


But you have also asked, so what you are you actually doing? So we have multiple projects internally. These are not things that we hope for. These are people

but you have also asked so what are you actually doing so we have multiple projects internally these are not things that we hope for these are people


In addition, we are updating our previously disclosed projections regarding depreciation and amortization and capital expenditures, including the recently acquired Mega Airless business.

in addition we are updating our previously disclosed projections regarding depreciation and amortization and capital expenditures including the recently acquired mega airless business


We saw the impact of foreign currency conversion variance of foreign subsidiaries due to the stronger yen, but crop protection chemical shipment increased in overseas market,

we saw the impact of foreign currency conversion variance of foreign subsidiaries due to stronger yen but crop protection chemical shipment increased in overseas market


We eliminated the nearly 4-week tiered promotional event that we had last year in our stores and online during Q1, as these types of promotions train the customer to wait for sales and handcuff our wholesale partners.

we eliminated the nearly 4-week tiered promotional event that we had last year in our stores and online during q1 as these types of promotions train the customer to wait for sales and handcuff our wholesale partners


So let me close my remarks by verifying that I remain confident about the prospects for Bladex in 2016, as the bank capitalizes on its position as a relevant player in the region with an important role

so let me close my remarks by reiterating that i remain confident about the prospects for bladex in 2016 as the bank capitalizes on its position as a relevant player in the region with an important role


taking into account the -- or excluding the amortization of other intangibles pertaining to acquisitions in the last quarter due to strong growth of our scalable industry solutions.

again taking into account the or excluding the amortization of other intangibles pertaining to acquisitions in the last quarter due to strong growth of our scalable industry solutions


And although there is substantial exploration opportunity, but it's very much going to be prioritized by how you commercialize this in a sensible way, getting the oil into infrastructure and building

and although there is substantial exploration opportunity but it's very much going to be prioritized by how you commercialize this in a sensible way getting the oil into infrastructure and building


several repeat cycles. And frankly, in the case of Duncan Hines, that's exactly the thing that started manifesting itself this year along with the convergence of new competitive products coming into the marketplace

several repeat cycles and frankly in the case of duncan hines that's exactly the thing that started manifesting itself this year along with the convergence of new competitive products coming into the marketplace


We're focusing on the job that we've been doing here for very long time, which is making middle market loans. And there is no question that if you look across the capital markets,

we're focusing on the job that we've been doing here for a very long time which is making middle market loans and there's no question that if you look across the capital markets


How do those -- that type of market condition impact your returns on your net lease portfolio with respect to -- I'm really not clear as to what type of escalators or something might be in those loans.

how do those -- that type of market condition impact your returns on your net lease portfolio with respect to -- i'm really not clear as to what type of escalators or something might be in those loans so thank you


I'm not sure with our history and our customer base and what we do, it would have been a winning purchase to actually overpay for a company and then try to monetize it. I'm not sure we could have. And so what we've done,

i'm not sure with our history and our customer base and what we do it would have been a winning purchase to actually overpay for a company and then try to monetize it i'm not sure we could have and so what we have done


which are subject to risks and uncertainties. These risks are described in detail in the company's SEC reports, including our earnings release and our most recent annual report on Form 10-K.

which are subject to risks and uncertainties these risks are described in detail in the company's sec reports including our earnings release and our most recent annual report on form 10-k


We remain focused on growing both our revenue and pretax profits at a double-digit annual pace while continuing to generate annual positive operating cash flows and improved returns.

we remain focused on growing both our revenue and pretax profits at a double-digit annual pace while continuing to generate annual positive operating cash flows and improved returns


tax savings would be focused? I mean, maybe you could just share a little bit, are those areas that you're currently investing in? Or they're new areas that you plan on investing in? Just trying to get a sense of where the reinvestment would be directed.

tax savings would be focused i mean maybe you could just share a little bit are those areas that you're currently investing in or there are new areas that you plan on investing in just trying to get a sense of where the reinvestment would be directed


Sure. So very pleased with the stabilization of that business and the strength of the Discovery business in totality. You all know that we got into this business

sure so very pleased with the stabilization of that business and the strength of the discovery business in totality you all know that we got into this business


Clients come to us because we have the expertise to help them derive and maintain their proprietary model colonies. Insourcing Solutions revenue continues to increase

clients come to us because we have the expertise to help them derive and maintain their proprietary marble colonies in-sourcing solutions revenue continues to increase


And so I can't help but think that the demand is building and that all of this is going to whipsaw at some point. I don't know if it's Q2, Q3 or when, and I don't know if

and so i can't help but think that the demand is building and that all of this is going to whipsaw at some point i don't know if it's q2 q3 or when and i don't know if


as several of our international customers are having difficulty converting their local currency to U.S. dollars, leading to cash collections being delayed. Ralph will provide more color in his remarks.

as several of our international customers are having difficulty converting their local currency to u s dollars leading to cash collections being delayed ralph will provide more color in his remarks


assets trade in Texas, and we still feel like the offers that we're looking at are also very positive. I think part of the challenge that we've had and we're continuing to work through is identifying where those operations should ultimately

assets trade in texas and we still feel like the offers that we're looking at are also very positive i think part of the challenge that we've had and we're continuing to work through is identifying where those operations should ultimately


Before we start on the details, I want to spend a little time talking about where we are in the transformation process, what is going well, what challenges remain that we are tackling and lastly, to provide a longer-term outlook.

before we start on the details i want to spend a little time talking about where we are in the transformation process what is going well what challenges remain that we are tackling and lastly to provide a longer-term outlook


and our many other health benefits and health services offerings are all elements of a broader strategic mission globally to help people live healthier lives and to help make the health system work better for everyone.


These large projects typically spur additional development and complementary projects in the surrounding areas for years to come and give us confidence that the nonresidential construction end market remains strong.

these large projects typically spur additional development and complementary projects in the surrounding areas for years to come and give us confidence that the nonresidential construction end market remains strong


I'm watching backlog carefully and fully expect, that the changes discussed will start to show improvements to backlog and subscription revenue over the next few quarters and coming years.

i'm watching backlog carefully and fully expect that the changes discussed will start to show improvements to backlog and subscription revenue over the next few quarters and coming years


Yes. I'd just add. What do we need to do? We need to communicate with our investors and continue to be incredibly open and transparent. And the question we have for them is what do they need from us,

yes i'll just add what do we need to do we need to communicate with our investors and continue to be incredibly open and transparent and the question we have for them is what do they need from us


that it wasn't necessarily that there's a ton of opportunities out there, and you're just not going after them fast enough. I'm just really trying to weigh up what you really meant by you want to be more aggressive.

that it wasn't necessarily that there's a ton of opportunities out there and you're just not going after them fast enough i'm just really trying to weigh up what you really meant by you want to be more aggressive


to be comparable to the prior year, while other international consumer and commercial markets are expected to continue to grow moderately. Sales are also expected to continue to shift from in-store channels to Internet sales channels.

to be comparable to the prior year while other international consumer and commercial markets are expected to continue to grow moderately sales are also expected to continue to shift from in-store channels to internet sales channels


that used vehicle results were flat with the prior year and that there was no more accelerated depreciation. So the big driver there would be the residual value impacts that we're estimating right now based on

that used vehicle results were flat with the prior year and that there was no more accelerated depreciation so the big driver there would be the residual value impacts that we're estimating right now based on


on the first one... So let me take that one. In terms of the orders, one of the things that we decided to do, just to make sure that everybody is clear, is when you're looking at forecasting our revenue going forward, the orders are now focused on the field side of the business

on the first one oh so let me take that one in terms of the orders one of the things that we decided to do just to make sure that everybody is clear is when you're looking at forecasting our revenue going forward the orders are now focused on the field side of business


And we do look at opportunities that do arise, but we are very practical and appropriate in understanding where we can extract some really good shareholder value as well as add strategically to the business. So

and we do look at opportunities that do arise but we are very practical and appropriate in understanding where we can extract some really good shareholder value as well as add strategically to the business so


So I covered just a few thoughts and our numbers for the quarter ending September 30, 2016, spent a few minutes on our recent transaction with Invekra and how this transaction fits into our overall corporate strategy.

so i covered just a few thoughts on our numbers for the quarter ending september 30 2016 spent a few minutes on our recent transaction with invecra and how this transaction fits into our overall corporate strategy


As a reminder, ACE-083 is designed to increase strength and function in specific target muscles. The data presented were consistent with the findings we reported at neurology congresses throughout this year

as a reminder ace-83 is designed to increase strength and function in specific target muscles the data presented were consistent with the findings we've reported at neurology congresses throughout this year


They also reported last night, and the numbers were solid. The outlook was sound. And they hired a new CFO. We think the stock is grossly undervalued at this price, and we're extremely excited about the stock at its current price.

they also reported last night and the numbers were solid the outlook was sound and they hired a new cfo we think the stock is grossly undervalued at this price and we are extremely excited about the stock at its current price


For us, it's about ingraining it within the business. So we have -- now we have a trading meeting every month with all of our divisions. It's high on the agenda.

for us it's about ingraining it within the business so we have -- mars and i have a trading meeting every month with all of our divisions it's high on the agenda


I think you're going to see the mix of our services continue to shift northbound on value while the mass of services decreases

i think you're going to see the mix of our services continue to shift northbound on value while the mass of services decreases


sales expansion is expected and you plan to ship more? Is it also a factor? Alecensa has been remarkably growing.

sales expansion is expected and you plan to ship more is it also a factor our sensor has been remarkably growing


once you get current on the filings, which it sounds like it's going to be next week or maybe shortly thereafter once you get the filings out. Would you be able to theoretically begin to buy back your stock at that point?

once you get current on the filings which it sounds like is going to be next week or maybe shortly thereafter once you get the filings out would you be able to theoretically begin to buy back your stock at that point


In the next half year, a year, it will steadily fall. It will not fall sharply. So the next year it will fall slightly. And in a stable manner. Then after this time it will

in the next half year a year it will steadily fall it will not fall sharply so the next year it will fall slightly and in a stable manner then after this time it will


and on information currently available to the company. They involve risks, uncertainties and assumptions because they relate to the future events and, therefore, depend on circumstances that may or may not occur in the future.

and on information currently available to the company they involve risks uncertainties and assumptions because they relate to the future events and therefore depend on circumstances that may or may not occur in the future


We know improved merchandising with stronger margins will enhance profitability, and we are reinvesting a portion of that improved margin into marketing, all to drive stronger awareness, and ultimately, sales and profit.

we know improved merchandising with stronger margins will enhance profitability and we are reinvesting a portion of that improved margin into marketing all to drive stronger awareness and ultimately sales and profit


to deliver long-term profitable growth and create value for all of our unitholders. And with that, I'll hand the call over to George for a more detailed financial review of the quarter. George?

to deliver long-term profitable growth and create value for all of our unitholders and with that i'll hand the call over to george for a more detailed financial review of the quarter george


yet fully understand the operational structure, nor do we have a sense of how it might be financed. If we are able to overcome these hurdles, it could be quite transformative for Xcede. So

yet fully understand the operational structure nor do we have a sense of how it might be financed if we are able to overcome these hurdles it could be quite transformative for xceed so


In addition to substantial health economics now comes research and preclinical research activities. We're actively communicating our data generation efforts at key research meetings and for scientific publications, and several programs are reaching important milestones.

in addition to substantial health economics and outcomes research and preclinical research activities we are actively communicating our data generation efforts at key research meetings and through scientific publications and several programs are reaching important milestones


And iterations of smartphones may be very, very fast. But for the fire service, that iteration is not as fast. And it requires a lot of market research and understanding of what happens

and iterations of smartphones may be very very fast but for the fire service that iteration is not as fast and it requires a lot of market research and understanding of what happens


is to allow us to take products from Baudette and move them into a tech transfer opportunity here at the WellSpring site.

is to allow us to take products from boddet and move them into a tech transfer opportunity here at the wellspring site


We often wonder whether we're spending on the right things or maybe sometimes we're just skipping stones, leaving no marks. I think more often than not, we're just skipping stones.

we often wonder whether we're spending on the right things or maybe sometimes we're just skipping stones leaving no marks i think more often than not we're just skipping stones


specializes in servicing these chronic conditions linked to aging and the age average of our patients for this division is 75 years of age. So we have launched a far-reaching

specializes in servicing these chronic conditions linked to aging and the age average of our patients for this division is 75 years of age so we have launched a far-reaching


a point where there's a capitulation. And that's usually a good sign that we're going to go into a phase where there is disciplined investment in the market because people have seen what happens when you're undisciplined

a point where there's a capitulation and that's usually a good sign that we're going to go into a phase where there is disciplined investment in the market because people have seen what happens when you're undisciplined


They were using a legacy Avaya premise system, which had become dated, and in particular, could not scale to handle the call volume during the peak season and which could not support remote agents using virtual desktops.

they were using a legacy avaya premise system which had become dated and in particular could not scale to handle the call volume during the peak season and which could not support remote agents using virtual desktop


Our oilfield service customers remain capital constrained and cautious, and our oil and gas operator customers are demonstrating fiscal discipline and restraint. Understandable given the commodity price head-fakes we've all witnessed through this downturn.

our oilfield service customers remain capital constrained and cautious and our oil and gas operator customers are demonstrating fiscal discipline and restraint understandable given the commodity price head fakes we've all witnessed through this downturn


Thanks, Barry. Let me spend a few moments talking about our first half performance and then address some of the key issues we see for the rest of the year and the actions we're taking to address opportunities and challenges.

thanks barry let me spend a few moments talking about our first half performance and then address some of the key issues we see for the rest of the year and the actions we are taking to address opportunities and challenges


So we have a very good position as some of these new processes are adopted. And certainly, we have a good line of sight to the future technology nodes. So

so we have a very good position as some of these new processes are adopted and certainly we have good line of sight to the future technology nodes so


where we have combined the group operation support, the technology office, group information systems in order to be able to better respond to the digital changes which are quite profound

where we have combined the group operation support the technology office group information systems in order to be able to better respond to the digital changes which are quite profound


And we have to set up all the transport, all the labor, and all the volume is not there yet, and we think we're well positioned for peak. But we're going to continue to invest and I mentioned before that when you look at

and we have to set up all the transport all the labor and all the volume's not there yet and we think we're well positioned for peak but we're going to continue to invest and i mentioned before that when you look at


These statements are subject to the risk and uncertainties as described in the company's earnings release and other filings with the SEC, including our Form 10-Q to be filed later today.

these statements are subject to the risk and uncertainties as described in the company's earnings release and other filings with the sec including our form 10-q to be filed later today


wind power or solar panel in the next few months or years even to New England is just not facing reality. And the only practical choice in our judgment, and there's a mix of a lot of

wind power or solar panel in the next few months or years even to new england is just not facing reality and the only practical choice in our judgment and it's a mix of a lot of


and expect to have 3 product candidates in clinical development in the first half of 2019, during which we expect to achieve a number of important upcoming clinical and regulatory milestones. Specifically,

and expect to have 3 product candidates in clinical development in the first half of 2019 during which we expect to achieve a number of important upcoming clinical and regulatory milestones specifically


While the Entrada acquisition was a great first step in that direction, adding an analytics element rounds out our offering and allows us to move towards meaningfully expanding the breadth of our solution and its coverage of the needs of our stakeholders.

while the entrate acquisition was a great first step in that direction adding an analytics element rounds out our offering and allows us to move towards meaningfully expanding the breadth of our solution and its coverage of the needs of our stakeholders


at least based on the math, we're not actually seeing an impact in our ability to drive the goals that we had for the year. So again, I don't want to read too much into the market growth over the last 2 quarters.

at least based on the math we're not actually seeing an impact in our ability to drive the goals that we had for the year so again i don't want to read too much into the market growth over the last 2 quarters


The International segment is an important component of our strategic position with integrated oil companies and other international downstream customers as we look to expand our share of their spend and capture new customers.

the international segment is an important component of our strategic position with integrated oil companies and other international downstream customers as we look to expand our share of their spend and capture new customers


on a normalized basis, we would tend to lose a little bit of money in the Indian JV. There's just not enough work going through that. We will lose less in the Indian JV, post the decision to pay down the high interest loan,

on a normalized basis we would tend to lose a little bit of money in the indian jv there's just not enough work going through that we will lose less in the indian jv post the decision to pay down the high interest loan


But the initial stopes are fairly good size, and we should start to see those come in. The grade should be a little bit better than what we're seeing along the development. But the developments haven't been that bad a grade. I mean, overall this is

but the initial stopes are fairly good size and we should start to see those come in the grade should be a little bit better than what we're seeing along the development but the developments haven't been that bad a grade i mean overall this is


Technology is moving very quickly. Jobs are being transformed by the day, by the minute, and the skills that people need to do those jobs are changing very, very quickly at this point.

technology is moving very quickly jobs are being transformed by the day by the minute and the skills that people need to do those jobs are changing very very quickly at this point


Digital revenues as I mentioned earlier on, these were impacted by the vast optimization work that we undertook in 2017, resulting in the revenue contraction that you saw in the key markets such as Nigeria.

digital revenues as i mentioned earlier on these were impacted by the vast optimization work that we undertook in 2017 resulting in the revenue contraction that you saw in the key markets such as nigeria


Yes. Thanks for asking, but securities laws actually prevent me from discussing the bond issue beyond what I said in my prepared remarks. But I think I pretty much covered it

yes thanks for asking but securities laws actually prevent me from discussing the bond issue beyond what i said in my prepared remarks but i think i pretty much covered it


We will introduce delivery in a way that combines the best coffees and the most innovative coffee and tea beverages in the world with the rapidly evolving consumer trend in China for at-home and at-work convenience.

we will introduce delivery in a way that combines the best coffees and the most innovative coffee and tea beverages in the world with the rapidly evolving consumer trend in china for at-home and at-work convenience


regional trends as it relates to adoption of your passenger car solutions? And then in particular, I was curious about the Venezuelan exposure. I know historically, your company had, had some exposure to that market.

regional trends as it relates to adoption of your passenger car solutions and then in particular i was curious about the venezuelan exposure i know historically your company had had some exposure to that market


And an additional point is on the import parity line. So it's the more milling capacity on the wheat side that you can have near a coastal area the more beneficial it should be to your business because we don't expect the local

and then an additional point is it's on the import parity line so it's the more milling capacity on the wheat side that you can have near a coastal area the more beneficial it should be to your business because we don't expect the local


in half, from 8 hours using other solutions to 4 hours using our solution today. We expect to reduce that time from 4 hours down to just 90 minutes by the end of this year with our new AI feed and capabilities.

in half from 8 hours using other solutions to 4 hours using our solution today we expect to reduce that time from 4 hours down to just 90 minutes by the end of this year with our new ai team and capabilities


key to the future of the company. The second is though that we have been investing more in engineering resources to support larger customers, and generally, those tend to be in the consumer electronics and logistics space.

key to the future of the company the second is though that we have been investing more in engineering resources to support larger customers and generally those tend to be in the consumer electronics and logistics space


The commodity outlook -- I mean, dairy's obviously a problem at the moment. Will you get some relief at some point, perhaps on the cocoa side? And then can you talk specifically about the pricing environment?

the commodity outlook i mean dairy is obviously a problem at the moment will you get some relief at some point perhaps on the cocoa side and then can you talk specifically about the pricing environment


we have a plateful of how to go about it, but that's pretty much how. So on the other side, your older tires, you go through the tire dealers, and that's price driven.

we have a plateful of how to go about it but that's pretty much how -- so on the other side your older tires you go through the tire dealers and that's price driven


The reality is we have been demanding a great deal from our organization while implementing our operating system, pushing through site integration and compliance projects and driving our portfolio reshaping.

the reality is we have been demanding a great deal from our organization while implementing our operating system pushing through site integration and compliance projects and driving our portfolio reshaping


Overall, we remain very well positioned to deliver profitable growth and long-term value to our shareholders as we continue to execute on our strategic objectives, which is summarized on

overall we remain very well positioned to deliver profitable growth and long-term value to our shareholders as we continue to execute on our strategic objectives which are summarized on


under warranty. As those products come off, service plan opportunities come on, and so we have opportunities just to continue that slow, steady march upward in terms of attach rates on service plans. And

under warranty as those products come off service plan opportunities come on and so we have opportunities just to continue that slow steady march upward in terms of attach rates on service plans and


studies without having to build new space there. We're really pleased with our ability to attract senior scientists, and the management team for that facility is really quite exceptional,

studies without having to build new space there we're really pleased with our ability to attract senior scientists and the management team for that facility is really quite exceptional


include adjustments for businesses retained by the parent, such as Clipper Magazine and Gannett Government Media, and adjustments for corporate allocations related to equity-based compensation, pensions and other various items.

include adjustments for businesses retained by the parent such as clipper magazine and gannett government media and adjustments for corporate allocations related to equity-based compensation pensions and other various items


We have seen over the years and under our ownership businesses like Yates, Dulux New Zealand, Trade Paint in Australia and Protective Coatings in Australia improve from loss-making positions to strong profits.

we have seen over the years and under our ownership businesses like yates dulux new zealand trade paint in australia and protective coatings in australia improve from loss-making positions to strong profits


in 2015. The usage of cash and operating activities was primarily due to the increase in accounts receivable and the decline in deferred revenue and accrued liabilities during the first quarter

in 2015 the usage of cash in operating activities was primarily due to the increase in accounts receivable and the decline in deferred revenue and accrued liabilities during the first quarter


Moving to supply, we are driving cost of production down through a number of work streams. Nigeria, as an example, has made most progress in the supply areas that we categorize as make and move.

moving to supply we are driving cost of production down through a number of work streams nigeria as an example has made most progress in the supply areas that we categorize as make and move


I think it's very good, I think solid performance. We had the slightly lower shipments and the reason for that was that we had severe weather in Mid West in Montpelier, where we have one of our

i think it's very good i think solid performance we had slightly lower shipments and the reason for that was that we had severe weather in midwest in montpellier where we have one of our


But as said we are trying to put ourselves in a position where we can at least take an educated look in an educated -- have an educated view on whatever presents itself or what we can find. And without being

but as i said we are trying to put ourselves in a position where we can at least take an educated look in an educated -- have an educated view on whatever presents itself or what we can find and without being


I see. So I mean, is that to imply that you actually ceded some share in that? So then you could -- one could argue that this volume growth -- or organic growth that you're posting is even that much more impressive?

i see so i mean is that to imply that you actually ceded some share in that and so then you could -- one could argue that this volume growth that you're -- organic growth that you're posting is even that much more impressive


Although 606 does not have a cash impact, nor an effect on the underlying economics of the company's customer contracts, applying the new revenue recognition accounting to contracts in startup and transition

although 606 does not have a cash impact nor an effect on the underlying economics of the company's customer contracts applying the new revenue recognition accounting to contracts in start-up and transition


If we go to Western Europe. Then in Western Europe, we had, again, as I said, already saturated and a little bit improved consumer sentiment.

if we go to western europe then in western europe we had again as i said already saturated and a little bit improved consumer sentiment


Additionally, on July 20, we announced the closure of our legacy hospital in downtown Austin and its consolidation with 1 of the 2 former Reliant hospitals in that market,

additionally on july 20 we announced the closure of our legacy hospital in downtown austin and its consolidation with one of the 2 former relied hospitals in that market


but we don't want to add them too far in advance. I also want to comment, and this is an elaboration on Jay's explanation of these provisions earlier on, that although we believe that there may be some friction cost

but we don't want to add them too far in advance i also want to comment and this is an elaboration on jay's explanation of these provisions earlier on that although we believe that there may be some friction cost


So what does that mean for BioLife? That means that these companies are really sensitive and aware that dead cells don't cure cancer, for example. So they need to make sure they're using the right tools, whether it's media or containers, or otherwise,

so what does that mean for biolife that means that these companies are really sensitive and aware that dead cells don't cure cancer for example so they need to make sure they're using the right tools whether it's media or containers or otherwise


Today, I will begin with a few thoughts on our first quarter results and full year outlook as it relates to our Coffee business before providing an update on our strategic road map.

today i will begin with a few thoughts on our first quarter results and full year outlook as it relates to our coffee business before providing an update on our strategic road map


automobile stores, they're still selling automobiles left and right. And so I have yet -- there's no factor that I have that I can sit here and tell you, Marci,

automobile stores they're still selling automobiles left and right and so i have yet there's no factor that i have that i can sit here and tell you marcin


and I guess that means you probably won't be able to grow capacity much next year. And finally, just with respect to the credit rating, I realize that clearly there is an amount to be finalized with respect to

and i guess that means you probably won't be able to grow capacity much next year and finally just with respect to the credit rating i realize that clearly there is an amount to be finalized with respect to


No, I guess, I'll just say anything more specific than that is going to be based largely on contracting strategy, et cetera, which is still currently under discussion within the joint venture. So

no i guess i'd just say anything more specific than that is going to be based largely on contracting strategy et cetera which is still currently under discussion within the joint venture so


where we might go with that. It's not done -- it's never done until it's done. And coordination around the partnership is an important part of that and we're working our way through that, but I think we're sitting reasonably comfortably

where we might go with that it's not done -- it's never done till it's done and coordination around the partnership is an important part of that and we're working our way through that but i think we're sitting reasonably comfortably


I made a comment in that we positioned our assets to secure, plan and build the future growth. So when you think about that, there was an amount that we hedged. We won't disclose what it was, but

i made a comment in that we positioned our assets to secure plan and build the future growth so when you think about that there was an amount that we hedge we won't disclose what it was but


Our focus has been on making sure that people are comfortable with our dividends. If you look at the presentation we posted, we're very pleased that we have been able to

our focus has been on making sure that people are comfortable with our dividends if you look at the presentation we posted we're very pleased that we have been able to


I will say that the fee headwinds tend to hit a little more in the earlier part of the year than the latter part just because of the kind of calendarization, and so that's incorporated in our forecast.

i will say that the fee headwinds tend to hit a little more in the earlier part of the year than the latter part just because of the kind of calendarization and so that's incorporated in our forecast


Two, as we were talking about earlier, the business -- as revenues have come on in this firm, costs have gone up almost at the same rate. We have not gotten sufficient scale advantages.

two as we were talking about earlier the business -- as revenues have come on in this firm costs have gone up almost at the same rate we have not gotten sufficient scale advantages


I don't know if that's taking longer or if I'm not remembering it correctly, but now it sounds like you're only talking about all the efforts adding 1 point to growth versus where we are now. So could you just clarify that, please?

i don't know if that's taking longer or if i'm not remembering it correctly but now it sounds like you're only talking about all the efforts adding a point to growth versus where we are now so could you just clarify that please


that's all predicated on the market. It's hard for me to predict that right now. As we look at Q4, we're not anticipating it going up or down in our current guidance, but obviously, oil prices will have a say in that.

that's all predicated on the market it's hard for me to predict that right now as we look at q4 we're not anticipating it going up or down in our current guidance but obviously oil prices will have a say in that


And with the agenda that is currently being pursued, we understand that it's more of a refocus on U.S. interest that will leave a big space out there that will have to be filled by someone.

and with the agenda that is currently being pursued we understand that it's more of a refocus on u s interest that will leave a big space out there that will have to be filled by someone


Before turning the call over to our CFO, David Grande, who will update you on our financial position, I would like to first address some of the significant developments in our efforts to return value to our stakeholders.

before turning the call over to our cfo david grandy who will update you on our financial position i would like to first address some of the significant developments in our efforts to return value to our stakeholders


we maintain a low-levered balance sheet, and we focus on maintaining ample capacity and flexibility to fund our redevelopment program and to put us in a position to outperform over the long term.

we maintain a low-levered balance sheet and we focus on maintaining apple capacity and flexibility to fund our redevelopment program and to put us in a position to outperform over the long term


And I think that this is inoperative. So for this type of insurance specifically, we will -- I think that we will launch

and i think that this is innovative so for this type of insurance specifically we will -- i think that we will launch


We believe our first quarter results demonstrate the power of our model and that we are executing against our strategy. On the content side, we are leveraging our success in the new licenses, properties and business opportunities.

we believe our first quarter results demonstrate the power of our model and that we are executing against our strategy on the content side we are leveraging our success in the new licenses properties and business opportunities


or bring us new presences in geographies like IQAP. I'll have some additional comments in a moment, but to review some additional details about the fourth quarter, let me now turn the call over to Brad.

or bring us new presences in geographies like icap i'll have some additional comments in a moment but to review some additional details about the fourth quarter let me now turn the call over to brett


We have a robust pipeline of innovative composite materials to serve these and other markets and estimate more than 50% revenue growth from composites in the next 5 years as these materials make their way to market.

we have a robust pipeline of innovative composite materials to serve these and other markets and estimate more than 50% revenue growth from composites in the next 5 years as these materials make their way to market


The third leg of the stool supporting our double-digit commercial health plan revenue growth is the heightened interest by our largest customers in purchasing more of our products and services.

the third leg of the stool supporting our double-digit commercial health plan revenue growth is the heightened interest by our largest customers in purchasing more of our products and services